Snap Climbs as First-Quarter Results Beat Expectations

Snapchat’s parent narrowed its first-quarter loss as daily active users rose 22% year-over-year to 280 million.Snap  (SNAP) – Get Report beat Wall Street’s first-quarter expectations Thursday as the parent of the Snapchat photography-focused app reported a surge in active daily users.Shares of the Santa Monica, Calif., company at last check were 4% higher at $59.35.Snap reported a net loss of $287 million, or 19 cents a share, compared with a loss of $306 million, or 21 cents, in the year-earlier quarter. Revenue increased 66% to $770 million.Stocks Sink on Report Biden Seeks Higher Capital Gains Tax on WealthyAnalysts surveyed by FactSet were expecting the company to report a loss of 26 cents a share on revenue of $744 million.Snap said daily active users increased 22% year-over-year to 280 million. Analysts had been forecasting 275.4 million, according to Bloomberg.DAUs increased sequentially and year-over-year on both iOS  (AAPL) – Get Report and Android  (GOOGL) – Get Report platforms. And for the first time the majority of DAUs for the quarter were on the Android version of the application.”We began 2021 by achieving our highest year-over-year revenue and daily active user growth rates in over three years during the quarter, and delivering positive free cash flow for…
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